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We see a wide range of customers, from self-employed clients needing to use their latest year’s figures, through to first time buyers (FTB) who may simply have a thin credit file.
Queries
The types of enquires we continue to receive was reflected in data produced by TMA at the beginning of August. This revealed that the top two queries received by TMA’s broker support desk in Q2 2023 were related to residential adverse credit, and residential income types. The statistics showed a sustained focus over the quarter on queries regarding adverse credit, particularly on the residential side, as brokers sought support to advise clients around missed or defaulted payments and County Court Judgements (CCJs) for debt.
View how we can help your ‘near-mainstream’ residential clients.
Payments
Missed payments could simply be in the form of a credit card bill, student loan repayment or mobile phone charge, alternatively if some assets are tied up in debts then this may tip borrowers into the more complex band which sits outside of some lending boundaries. That’s not to say such borrowers are not credit worthy or have a ‘bad’ credit history, one missed payment may slightly impact a credit score and push them beyond more mainstream risk profiles.
Contact your local BDM to see how they can support your new and existing cases.
Income
TMA’s broker support desk also saw a large number of queries related to income types, as affordability remained a key obstacle to gaining mortgage approval. In particular, a number of queries relating to clients with multiple income sources, benefit income, and income from buy-to-lets. We know from ongoing conversations with our intermediary partners that a rising proportion of the UK workforce are far from ‘unusual’ in their borrowing requirements and nor should they be viewed as such.
Solutions
We work very closely with our intermediary partners to define and evolve our proposition to find solutions to help more customer types. This has never been more evident than the recent launch of our Key Workers proposition which has been well received. Our Key Worker offering forms an integral component within our overall lending proposition as we believe that all credit-worthy borrowers should have access to lending solutions which match their individual needs. And our doors are always open to our intermediary partners with residential clients who may have slipped beyond the mainstream.
Find out what makes our Key Worker offering so special.
*This article was originally published on Mortgage Introducers - (Specialist Finance)
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